Iveda Products Spec’d into $20 Billion Taoyuan Aerotropolis Project, Taiwan’s Largest-Ever Urban Development Plan
04/06/2022 - 06:00 AM
MESA, Ariz, April 06, 2022 (GLOBE NEWSWIRE) -- Iveda (NASDAQ: IVDA ), the worldwide provider of AI video search, Internet of Things (IoT), video surveillance and smart city digital transformation technologies, today announced that its products have been spec’d into the Taoyuan Aerotropolis Project.
This project is the largest national infrastructure plan consisting of ten major construction projects spanning 4,564 hectares (11,278 acres) beginning this year with completion expected in 2028. Central to the project is the expansion of the Taoyuan International Airport in Taiwan. Trade zones and industrial zones will be key additions. The project will prioritize six industries -- biotechnology, cloud computing industry, aviation, international logistics, smart automobile and green energy. Taiwan developers aspire to be a major economic and trading hub in Asia, energizing the flow of people, capital and information.
IvedaXpress IP cameras with its cloud management platform, IvedaAI intelligent video search platform for face recognition, object search and thermal detection, and weather and IR sensors for electric fences have been vetted and spec’d into the project. The ten construction companies contracted for the project must follow approved specifications for various products. The IvedaXpress cloud management platform that Iveda built at a Chunghwa Telecom data center will generate recurring cloud hosting revenue for five years.
“The Taoyuan International Airport has been a customer of Iveda Taiwan for many years,” said David Ly, CEO of Iveda. “We are proud to be a part of this massive expansion project, which will help fuel our growth trajectory and will be another showcase of Iveda’s smart city capabilities for similar projects worldwide. We estimate USD $5 t o 7 million revenue from this multi-year project.”
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About Iveda
Iveda® (NASDAQ: IVDA ) is the worldwide provider of IvedaAI™ ® and IvedaXpress™ ™ ™
This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda’s business is subject to significant risks and uncertainties described more thoroughly in the Company’s SEC filings, including but not limited to its Registration Statement on Form S-1 and Form 10-12g with audited financials for the year ended December 31, 202 1 and December 31, 20 20 and its subsequently filed quarterly reports on Form 10-Q. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Iveda 's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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